CANADA LIFE ASSURANCE Co Increases Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

CANADA LIFE ASSURANCE Co grew its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 5.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,656 shares of the financial services provider's stock after purchasing an additional 4,553 shares during the quarter. CANADA LIFE ASSURANCE Co owned approximately 0.07% of Commerce Bancshares worth $5,961,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. CoreFirst Bank & Trust acquired a new stake in Commerce Bancshares in the fourth quarter valued at approximately $33,000. Marshall Investment Management LLC purchased a new position in shares of Commerce Bancshares during the 4th quarter valued at approximately $35,000. V Square Quantitative Management LLC lifted its position in shares of Commerce Bancshares by 84.0% during the 4th quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider's stock valued at $49,000 after buying an additional 361 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in Commerce Bancshares by 46.9% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 839 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 268 shares during the period. Finally, GAMMA Investing LLC increased its holdings in Commerce Bancshares by 19.6% in the 4th quarter. GAMMA Investing LLC now owns 1,139 shares of the financial services provider's stock worth $71,000 after acquiring an additional 187 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 1,719 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $67.30, for a total transaction of $115,688.70. Following the completion of the transaction, the senior vice president now owns 18,688 shares of the company's stock, valued at $1,257,702.40. This trade represents a 8.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Charles G. Kim sold 13,493 shares of the business's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $67.76, for a total transaction of $914,285.68. Following the completion of the sale, the chief financial officer now directly owns 86,246 shares in the company, valued at $5,844,028.96. This trade represents a 13.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 53,564 shares of company stock worth $3,605,360 in the last 90 days. Insiders own 3.10% of the company's stock.

Commerce Bancshares Price Performance

Shares of NASDAQ:CBSH traded down $0.81 during midday trading on Friday, hitting $60.56. The company had a trading volume of 449,090 shares, compared to its average volume of 590,553. Commerce Bancshares, Inc. has a twelve month low of $49.97 and a twelve month high of $72.75. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of 15.10, a price-to-earnings-growth ratio of 2.13 and a beta of 0.71. The business's 50-day simple moving average is $60.94 and its 200-day simple moving average is $64.22.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.93 by $0.05. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The business had revenue of $428.05 million for the quarter, compared to analyst estimates of $417.85 million. As a group, sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.82%. Commerce Bancshares's dividend payout ratio is currently 26.63%.

Analysts Set New Price Targets

Several analysts have recently issued reports on CBSH shares. Keefe, Bruyette & Woods dropped their target price on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Piper Sandler lifted their price objective on Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a report on Thursday, April 17th. Wells Fargo & Company cut their price objective on Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Morgan Stanley upgraded Commerce Bancshares from an "underweight" rating to an "equal weight" rating and decreased their target price for the company from $66.00 to $58.00 in a research report on Monday, April 7th. Finally, StockNews.com cut Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Thursday, April 17th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $63.20.

Commerce Bancshares Profile

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.